Third quarter net profit at logistics facilities provider Global Logistic Properties soared 56.3 per cent to US$176.2 million (S$223 million), on the back of lower net finance costs and income tax expenses.
This was despite a 1.5 per cent decline in revenue in the three months ended Dec 31 over the same period in the previous financial year, to reach US$170.9 million. This was mainly due to the sale of properties in Japan and the weaker Japanese yen.
The decline was partially offset by deferred rental revenue, the completion of development projects in China, and contributions from new subsidiaries, among other items.
Earnings per share for the quarter came in at 3.53 US cents, up from 2.23 US cents in the same period of the previous financial year.
Net asset value per share was US$1.81 as at Dec 31, up from US$1.77 as at March 31.
Global Logistic Properties' shares closed 4 cents up at $2.80 yesterday. The results were released after the market closed.